Register

Peak Oil is You


Donate Bitcoins ;-) or Paypal :-)


Page added on February 26, 2017

Bookmark and Share

Saudi Arabia and Iraq Crude Exports to US Hit Five-Year High

Production

Crude oil imported to the United States from Saudi Arabia and Iraq combined has reached a peak not seen since 2012, but the U.S. Energy Information Administration says the volume will likely decline soon.

Toward the end of 2016, high production in Saudi Arabia and Iraq, coupled with low domestic demand in Saudi, contributed to the crude export volumes. Saudi exported 8.3 million barrels per day (Mmbpd) in November – its highest volume since May 2003 – before dropping to 8 Mmbpd in December, EIA said in a recent brief. Iraq’s exports hit a record high of almost 4.1 Mmbpd in November, which continued through December.

Both countries’ production was relatively high prior to OPEC’s pledge in November to cut production. Saudi Arabia produced 321,000 bpd and Iraq volumes increased by 700,000 bpd, above the previous year’s levels, according to information from the Joint Organizations Data Initiative. In 2015, Iraq’s production was impaired by economic sanctions.

But with the implementation of the OPEC production cut pledge in January, coupled with U.S. refiners’ ability to use domestic Mars crude oil as feedstock, the export totals may decline, EIA said.

In the United States, Congress is considering a tax on imported goods and services, which could also cut imports from the Middle East. The border adjustment tax (BAT) could boost income for domestic oil and gas producers, but refiners’ are wary of its impact on the heavy crude imports they use for feedstock.

RIGZONE



4 Comments on "Saudi Arabia and Iraq Crude Exports to US Hit Five-Year High"

  1. BobInget on Sun, 26th Feb 2017 12:36 pm 

    Ah Ha.. We finally figured out the real meaning of
    “Make America Great Again”
    It’s widely believed it was protective tariffs that began America’s GREAT Depression.

  2. Davy on Sun, 26th Feb 2017 12:59 pm 

    Read this BOB
    “Causes of the Great Depression”
    https://en.wikipedia.org/wiki/Causes_of_the_Great_Depression

    “The specific economic events that took place during the Great Depression have been studied thoroughly: a deflation in asset and commodity prices, dramatic drops in demand and credit, and disruption of trade, ultimately resulting in widespread unemployment (over 13 million people were unemployed by 1932) and hence poverty. However, historians lack consensus in determining the causal relationship between various events and the government economic policy in causing or ameliorating the Depression. The initial stock market crash triggered a “panic sell-off” that made the stock market go even lower. Although a common belief is that the Great Depression was triggered by the 1929 crash of the stock market, the stock market in 1929 had reached record fundamental valuations in spite of deteriorating economic conditions such as rising unemployment, overproduction (excess capacity), underconsumption and high debt. The timing of the crash coincided with news that the proposed import tariff on manufactured products was losing support in Congress.”

    “Current theories may be broadly classified into two main points of view and several heterodox points of view.
    First, there are demand-driven theories, from Keynesian and institutional economists who argue that the depression was caused by a widespread loss of confidence that led to underconsumption. The demand-driven theories argue that the financial crisis following the 1929 crash led to a sudden and persistent reduction in consumption and investment spending.[2] Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money therefore became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating the drop in demand.
    Second, there are the monetarists, who believe that the Great Depression started as an ordinary recession, but that significant policy mistakes by monetary authorities (especially the Federal Reserve) caused a shrinking of the money supply which greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Related to this explanation are those who point to debt deflation causing those who borrow to owe ever more in real terms.”

    “There are also various heterodox theories that reject the explanations of the Keynesians and monetarists. Some new classical macroeconomists have argued that various labor market policies imposed at the start caused the length and severity of the Great Depression. The Austrian school of economics focuses on the macroeconomic effects of money supply and how central banking decisions can lead to malinvestment. Marxian economists view the Great Depression, with all other economic crises, as a symptom of the classism and instability inherent in the capitalist model.”

  3. Midnight Oil on Sun, 26th Feb 2017 5:22 pm 

    Energy Independent USA…$$$ talks BS walks…and TRUMP likes to TALK BS..

  4. Nony on Mon, 27th Feb 2017 6:37 pm 

    Tracking which particular country we buy oil from is sort of silly. It is a well traded commodity. If the Saudis want to sell it for a couple pennies less, we buy it from them. If not, we get it from somewhere else and they send it somewhere else.

    P.s. It does seem like exports are staying (relatively high). This just means we import more to make up for it. Not a cornie selling point that we are exporting more. Not a peaker selling point that we are importing more. Just moving barrels around. Look at the net, to see how self sufficient we are. We are still significant net importers.

Leave a Reply

Your email address will not be published. Required fields are marked *